On Friday, oil prices were stabilizing as markets turned their attention to key economic reports and a spate of positive corporate news and as Saudi Arabia reportedly hiked its oil production to help replace production lost to Libya's turbulence. Saudi Arabia has quietly increased its oil output by more than 700,000 barrels a day to more than 9 million barrels a day, according to
, which cited an unidentified industry source.
Light sweet crude oil for April delivery settled at $97.88 a barrel, up 0.6% after hitting or breaching $100 a barrel for two days straight.
The RICI-Agriculture ETN
closed up 3.4% to $11.44 at the market close Friday, while the
PowerShares DB Agriculture Fund
rose 2.1% to $34.71. The
iPath Dow Jones-UBS Grains Subindex Total Return ETN
ended up 3.7% to $4.75 and the
iPath Dow Jones-UBS Agriculture Total Return Sub-Index ETN
advanced 3.9% to $65.81.
Teucrium Corn Fund
spiked 4% to $43.39.
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-- Written by Andrea Tse in New York.
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